TransferWise begins private launch of its consumer borderless account and bright green debit card

Jan 9, 2018 · techcrunch.com

Transferwise borderless account mobile card 1

Money transfer company TransferWise has begun a private launch of its "Borderless account" for consumers. It marks the first time the European unicorn has offered a debit card (pictured below), a move that is bound to draw further comparisons with newer fintech upstarts such as Revolut.

Initially rolling out to a thousand customers, with several thousand more to be invited in the coming weeks and a full public launch pegged for Q1 this year, the online banking account gives you local bank details for the U.K., U.S., Australia and Europe, and lets you hold and convert 28 currencies. It is targeted at people who need to receive and spend money abroad and who want to take advantage of TransferWise’s low exchange rate and transparent fees when doing so.

The product originally launched in May last year but was previously only available for business users and didn’t come with a debit card, meaning that the only way to spend money from a TransferWise account was to move it to another bank account first.

"It’s a step forward for completing our vision for borderless money, where anyone anywhere in the world can spend and receive money globally without having to worry about the hassle and the exchange rate," TransferWise co-founder and chairman Taavet Hinrikus tells me. "I think it’s the first time that anyone has created a multi-country bank account. It did not really exist before."

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